This story was updated at 3:45 p.m. on Sept. 30, 2022, to include a comment from Rockville Mayor Bridget Donnell Newton
Morguard, a Canadian real estate firm, has acquired the retail portion of Rockville Town Square, the firm announced earlier this week.
Morguard acquired the 183,000-square-foot retail development for $33 million from Federal Realty Investment Trust, according to Morguard.
Morguard previously bought the Fenestra Apartments in the mixed-use development in 2017, the firm noted in a press release.
“This acquisition along with our ownership and management of Fenestra Apartments gives Morguard the opportunity to better execute on our long-term vision,” Chairman and CEO K. Rai Sahi said in the release.
A Federal Realty spokesperson could not immediately be reached for comment Friday.
Rockville Mayor Bridget Donnell Newton wrote in a text message on Friday that “Morguard is a great opportunity for the city and our Town Square.”
“They are excited to be here and I am looking forward to their team bringing creative ideas and new energy which can revitalize our town center,” she wrote.
Store Reporter previously reported on the acquisition on Thursday.
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